Wednesday 5/12/21
BUSINESS

Prices of Finnish manufactured goods grew 6.7% over the last year

Producer prices also increased in the service sector.
Engineer-factory-production-plant-manufacture by pexels
Photo: Pexels.

Prices of Finnish manufactured goods have risen significantly over the past year.

According to Statistics Finland, producer prices for manufactured products went up by an average of 6.7% from March 2020 to March 2021.

The producer prices for manufactured products sold on the domestic market rose 6.5%, while those of export products went up 6.9%.

The rise in the producer prices for manufactured products was particularly caused by higher prices of oil products, electricity and basic metals from last year's March.

From February to March, producer prices for manufactured goods rose by 1.4%.

Producer prices were particularly boosted by the risen prices of oil products compared with the previous month.

Producer prices for services

Producer prices also increased in the service sector.

The annual change in the Producer Price Index for Services was 0.9% in the first quarter of 2021.

Compared to the previous quarter, producer prices for services rose by 0.9%

According to Statistics Finland, producer prices for services were pushed up particularly by higher prices of support services for transportation together with human health services from one year ago.

The price increase was also affected by higher prices of rents of dwellings and food services.

The rise in the prices was held back by fallen prices of renting services of construction machinery and equipment, as well as accommodation services, for example..

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